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Question - Smith, West, and Krug form a partnership. Smith contributes $180,000, West contributes $150,000, and Krug contributes $270,000. Their partnership agreement calls for a 5% interest allowance on the partner's capital balances with the remaining income or loss to be allocated equally. If the partnership reports income of $174,000 for its first year, what amount of income is credited to West's capital account?
state whether it is a violation of rules of conduct that apply to professional accountant
Raw materials purchases of $500,000 were received before yearend but remain unaccrued pending receipt of the vendors' invoices.
1. Why is it important to keep paid-in capital separate from earned capital? 2. As an investor, is paid-in capital or earned capital more important? Explain why.
A new skating rink is going to be built in the village of Nobel for $5.2 million. What transaction price should the company use to recognize revenues
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Write a short memo to Melaney stating the proper accounting postion for recognition of the revenue in this situation.
on february 23 muir corp issued for cash 21000 shares of non-par common stock at 25. o october 6 muir issued at par
Prepare the journal entry to record the issuance of the 8% mortgage January
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Identify and discuss briefly five assumptions underlying cost-volume profit analysis.
Yellow Trust must distribute 33% of its income annually to Patrick. What amounts of income do Patrick and Minna report
richter company has a single product called a wim. the company normally produces and sells 87000 wims each year at a
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